One of the initial problems facing the newly elected President Clinton was a large budget deficit.
Answer the following statement true (T) or false (F)
True
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The demand curve for pizza is downward sloping and the supply curve is upward sloping. If the government imposes a $2 tax on a pizza, ________ the tax
A) only consumers pay B) only producers pay C) both producers and consumers pay part of D) neither producers nor consumers pay part of E) the government pays
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue. (Source: New York Times, July 28, 2012 ) As the lobster catch increases, there is
A) a movement along the demand curve, resulting in a higher price and a decreased quantity. B) a movement along the demand curve, resulting in a lower price and an increased quantity. C) no change in either the price or the quantity. D) a movement along the demand curve, resulting in a higher price and an increased quantity.
Consider the market for pilots. What is likely to happen to the equilibrium wage and quantity of pilots if the government enforces a lower mandatory retirement age, say from age 65 to age 62?
A) The equilibrium wage rises and the equilibrium quantity of pilots falls. B) The equilibrium wage and the equilibrium quantity of pilots fall. C) The equilibrium wage and the equilibrium quantity of pilots rise. D) The equilibrium wage falls and the equilibrium quantity of pilots rises.
If a company has two profit centers where one supplies the other with necessary ingredients to a company product, and if the relationship between two centers is clearly inimical to company success, then:
A. the company should probably reorganize. B. it is time to use the market-based transfer price system. C. it is time to implement a marginal cost based transfer system. D. the company should change its management control system.